Credit card deals 'difficult to secure'
03 November 2009 16:38:17
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| Criteria for credit cards are tightening. |
The Daily Mirror claimed that it is "almost impossible" to find appropriate interest rates as only a minority of applicants meet criteria set by lenders.
Lending conditions have been tightening consistently since the credit crunch began gaining momentum in the summer of 2007.
This has been exacerbated by the high-profile collapse of Northern Rock two years ago and its subsequent takeover by the government in February 2008.
Difficult economic conditions have also led to two other UK banks, Lloyds and RBS, being bailed out by the taxpayer.
As a result, customers have been put in a situation which the Mirror calls "ridiculous".
"You have to apply for products to find out the rate you'll pay, and the more you apply, the more your credit rating is affected and the more interest you pay," it added.
The Treasury Select Committee is now looking into making credit searches more transparent.
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